Airbus has reported consolidated financial results for the Half-Year (H1) ended 30 June 2022 and has delivered what it calls a solid financial performance in a complex operating environment, with the geopolitical and economic situation creating further uncertainties for the industry.

Airbus said that supply chain challenges are leading it to adjust the A320 Family ramp-up steps in 2022 and 2023, and it now targets a monthly rate of 65 in early 2024.

Guillaume Faury, Airbus Chief Executive Officer said: “The Airbus teams are engaged with suppliers and partners to ramp up towards an A320 Family monthly production rate of 75 in 2025, backed by strong customer demand.

Gross commercial aircraft orders increased to 442 (H1 2021: 165 aircraft) with net orders of 259 aircraft after cancellations (H1 2021: 38 aircraft). The order backlog amounted to 7,046 commercial aircraft on 30 June 2022.

Consolidated revenues totalled €24.8 billion (H1 2021: €24.6 billion). A total of 297 commercial aircraft were delivered (H1 2021: 297 aircraft), comprising 25 A220s, 230 A320 Family, 13 A330s and 29 A350s(2). Revenues generated by Airbus’ commercial aircraft activities were broadly stable.

EBIT Adjusted related to Airbus’ commercial aircraft activities was broadly stable at €2,276 million (H1 2021: €2,291 million). It included the non-recurring positive impact from retirement obligations recorded in Q1, partly offset by the impact from international sanctions against Russia which was reduced as compared to Q1 2022 following good progress on the remarketing of some aircraft. The net positive impact from these two non-recurring elements was largely offset by a less favourable currency hedging rate compared to H1 2021 Airbus said.

On the A320 programme, Airbus said that production is progressing towards a rate of 75 aircraft per month in 2025 as previously communicated. Given the current supply chain challenges, the Company is adapting the ramp-up trajectory and now targets a monthly rate of 65 in early 2024, around six months later than previously planned.

On widebody aircraft, the Company is exploring, together with its supply chain, the feasibility of further rate increases to meet growing market demand as international air travel recovers.

As the basis for its 2022 guidance, Airbus said it assumes no further disruptions to the world economy, air traffic, its internal operations, and its ability to deliver products and services and on that basis it says it should deliver around 700 commercial aircraft in 2022 and maintains its target of around €5.5 billion of EBIT Adjusted and around €3.5 billion of Free Cash Flow.